In a recent interview, Binance CEO Changpeng Zhao said that the current cryptocurrency market is volatile. However, he stated that this is the best time to invest in this sector. Here are the details…
Cryptocurrency market offers opportunities, according to Binance CEO
The CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, conducted a new interview. Many people know that Changpeng Zhao is one of the biggest “bulls” in the crypto space. In fact, Zhao came to the fore with the news that he sold all his assets and bought BTC when he founded the stock market. The CEO did not give up this stance. In his latest statement, he said that crypto bear markets are moments when investors can find deals at great prices. Zhao used the following statements:
The best time to invest in the industry. We did this four years ago during the last cycle, the bottom of the bear market. It worked extremely well. We invested several hundred million dollars. Now our portfolio is worth $7 billion.
Binance invests $500 million in projects
Binance recently announced that it will take over its chief marketing officer, Yi He, as the new president of Binance Labs, to expand its product line and keep pace with the market space. Regarding the Binance growth plan, Yi explained that he supports talented risk takers. He also said he will focus on increasing the widespread adoption of Web 3.0 technology. According to Yi He, “Web3 will only truly go mainstream when its products enter users’ lives seamlessly”. He also said, “We need to focus our resources on supporting these projects to accelerate widespread adoption.”
Last month, Binance said it will invest $500 million in projects that could expand the use cases of cryptocurrencies aimed at adopting Web3 and Blockcjain technologies. Zhao defended the largest cryptocurrency. He said that no matter what any leading investor does, Bitcoin continues to prove itself structurally and in terms of user popularity. As we reported on Kriptokoin.com, since 2018 Binance Labs has invested in more than 100 projects from more than 25 countries.
Its investment portfolio includes industry-leading projects such as 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox and STEPN. Binance Labs invests in three different phases: incubation, early-stage startup, and late-stage growth. The investment fund of 500 million dollars announced in June is expected to be allocated to projects covering all three phases. The fund is backed by leading global institutional investors such as DST Global Partners and Breyer Capital. Other large private equity funds, family offices and corporations also subscribed to the fund as limited partners.
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